The Scottsdale housing market is dealing with high demand and low supply. Sellers are well aware that they can command a premium for their homes because demand is the craziest it's ever been. According to local Realtors, the Scottsdale housing market has joined the list of popular destinations. Residents are migrating from California, Colorado, and Illinois, and inventory simply cannot keep up. As is the case throughout the country, home builders in Scottsdale are struggling to keep up with demand, hampered by the high cost of lumber and other building materials.

Scottsdale is a suburb of Phoenix, sitting on the eastern side of Maricopa County. It is overshadowed by Phoenix unless you’re a golf aficionado or watch baseball. Scottsdale is home to around a quarter-million people, making it one of the largest suburbs in the Phoenix metro area. The city is roughly a twenty-minute drive to the famous Phoenix Sky Harbor International Airport. It retains its suburban feel despite heavy development and tourist attractions.

The area contains a mix of families, young professionals, and retirees. There are several reasons to consider investing in Scottsdale real estate. Over the last five years, data shows a stable Scottsdale housing market with average sale point and price per square foot seeing a steady increase. If you are an investor, Scottsdale has a track record of being one of the best long-term real estate investments in the nation.

In the last twelve months, Scottsdale's appreciation rates remain among the highest in the country, at 32.94 percent, which is higher than the appreciation rates in 98.82 percent of the country's cities and towns. According to NeighborhoodScout’s data, Scottsdale appreciation rates were 11.80 percent in the most recent quarter, which equates to an annual appreciation rate of 56.21%. Is Scottsdale going to be one of the hottest real estate markets for investors in 2022 & 2023? Let’s take a look at the latest Scottsdale housing market trends.

• Scottsdale Average Sales Price = $1,129,125, +21.8% 
• Scottsdale Median Sales Price = $845,000, +24.3%
• Months of Inventory = 1.1, -17.4%
• Absorption Rate= 88.5%, +15.4%

Scottsdale Real Estate Market Trends 2022 (Most Recent)

Single-family detached homes are the single most common housing type in Scottsdale, accounting for 54.56% of the city's housing units. Owner-occupied, three and four-bedroom dwellings are the most prevalent type of housing you will see in Scottsdale's single-family detached homes. Scottsdale's housing market also has large apartment complexes and multi-family homes.

According to Redfin, the Scottsdale housing market is somewhat competitive. In May 2022, Scottsdale home prices were up 20.7% compared to last year, selling for a median price of $845K. On average, homes in Scottsdale sell after 24 days on the market compared to 28 days last year. There were 787 homes sold in May this year, down from 1,037 last year.

• Some homes get multiple offers.
• The average homes sell for about 3% above the list price and go pending in around 22 days.
• Hot homes can sell for about 7% above the list price and go pending in around 7 days.

How Much Are Sellers Asking For To Sell a House in Scottsdale?

Scottsdale is a seller's market, which means that there are more buyers than available homes. Due to the scarcity of available homes in Scottsdale, sellers have an advantage. In a seller's market, homes sell more quickly, and buyers must compete for a property. These market conditions frequently induce buyers to spend more on a home than they would normally.

• According to Realtor.com, the median asking price (or listing price) of homes in Scottsdale, Arizona was $900K in April 2022, an increase of 20 percent year over year.
• The median price per square foot for listings was $429.
• The median price of a home sold was $850K.
• In April, homes in Scottsdale, Arizona sold for 1.32% above the asking price.
• Sale-to-List Price Ratio: 101.32%
• Homes typically sell after 34 days on the market.
• The median days on market in Scottsdale, AZ has remained stable over the last month and slightly decreased over the last year.

This report provided by Scottsdale Area Association of REALTORS covers residential real estate activity (Condo/Townhouse/Apt., Mobile/Manufactured, Single Family) in the Maricopa County & Scottsdale service area. Annual Percent changes are calculated for April 2022.

Scottsdale Housing Prices Trends

• Average Listing Price went up 32.4%, from $1,470,039 to $1,946,599.
• Median Listing Price went up 35.5%, from $849,000 to $1,150,000.
• Average Sales Price went up 21.8%, from $926,729 to $1,129,125.
• Median Sales Price went up 24.3%, from $680,000 to $845,000.
• Median Sales Price per Sq F went up +29.2%, from $318 to $411.

Scottsdale Housing Supply

• New Listing Count was down 4.3%, from 1,145 to 1,096.
• New Listing Volume was $1,385,845,324, up 25.5%.
• Active Listing Count was down 33.9%, from 1,459 to 965.
• Active Listing Volume was $1,878,468,022, down 12.4%.
• Months of Inventory was down -17.4%, from 1.4 to 1.1 months.

Scottsdale Housing Sales

• Pending Sales Count went up 63.4%, from 579 to 946.
• Pending Sales Volume was $1,372,453,743, up 112.1%.
• Closed Sales Count went down 20.4%, from 1,049 to 835.
• Closed Sales Volume was $942,819,440, down 3%.

Maricopa County Housing Prices Trends

• Average Listing Price went up 18.8%, from $765,267 to $909,263.
• Median Listing Price went up 23.6%, from $445,000 to $550,000.
• Average Sales Price went up 20.1%, from $520,732 to $625,303.
• Median Sales Price went up 25.7%, from $389,000 to $489,000.
• Median Sales Price as a % of Median List Price was 103%.
• Median Sales Price per Sq F went up +27.5%, from $218 to $278.

Maricopa County Housing Supply

• New Listing Count was down 3.3%, from 9,351 to 9,043.
• Active Listing Count was down 23%, from 9,428 to 7,255.
• Months of Inventory was down -18.9%, from 1.1 to 0.9 months.

Maricopa County Housing Sales

• Pending Sales Count went up 30.7%, from 5,493 to 7,178.
• Closed Sales Count went down 10.5%, from 8,588 to 7,690.
• Closed Sales Volume was $4,808,579,258, up +7.5%.

Additional Key Housing Metrics

• The count of distressed residential properties sold in April was 25, up 56.3% year-over-year.
• The number of distressed residential properties that were for sale at the end of April was 17, up 6.3% year-over-year.

Scottsdale Real Estate Market Forecast 2022-2023

Let us look at the price trends recorded by Scottsdale (a real estate database company) over the past few years. Since the last decade (June 2012), the typical home value in Scottsdale has appreciated by around 160.5%. The typical value of homes in Scottsdale is currently $862,348. It indicates that 50 percent of all housing stock in the area is worth more than $862,348 and 50 percent is worth less (adjusting for seasonal fluctuations).

ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The supply is exceeding the demand, giving purchasers an advantage over sellers in price negotiations. In other words, there are more homes for sale than there are buyers in the marketplace. Scottsdale is a seller's real estate market – which means there are a lot of qualified buyers in the marketplace and not enough homes for sale in the market.

• The typical home value of homes in Phoenix-Mesa-Scottsdale Metro is $476,098, up 29% over the past year.
• Zillow predicts they will rise 14.1% by the end of May 2023.
• Maricopa County home values have gone up 28.5% (current = $485,880) over the past year and will continue to rise over the next twelve months.
• According to Zillow, the Scottsdale real estate market is hot.
• Scottsdale home values have gone up 29.3% (current = $862,348) over the past year and will continue to rise over the next twelve months.

Scottsdale Real Estate Investment Overview

Is it worth buying a house in Scottsdale, AZ? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Scottsdale is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Scottsdale housing market forecast for answers on why to put resources into this market.

The Phoenix area is growing, and this includes the Scottsdale area. Construction can’t keep up with demand, so the median home price is more than 700,000 dollars. The average rent is around 1,900 dollars a month  (a 22% increase compared to the previous year), though you’ll get much more for a single-family home rented out in the Scottsdale housing market.

Although, this article alone is not a comprehensive source to make a final investment decision for Scottsdale we have collected ten evidence-based positive things for those who are keen to invest in Scottsdale real estate. Investing in Scottsdale real estate will fetch you good returns in the long term as the home prices in Scottsdale have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Scottsdale real estate market which can help investors who are keen to buy an investment property in this city.

The Excellent Quality of Life

A city in a large metropolitan area is competing with every other city for residents. If the city is poorly managed or simply deteriorates, they’ll lose residents who only have to move a few miles to get away from it. In this regard, Scottsdale real estate investment is a wise choice because the city stands out in terms of quality of life. We’ll ignore the golf courses and focus instead on A-rated public schools and family-friendly amenities. They could do a little better on crime, but there are areas in Phoenix real estate market that are far worse.

Scottsdale's Job Market

Scottsdale is also an emerging tech market, with companies GoDaddy, Yelp, Paypal, Indeed.com, and Paradigm Tech all opening offices downtown. This is a great town for businesses, including small businesses and entrepreneurs. The Scottsdale job market has consistently averaged an unemployment rate a full point lower than the state average and roughly half a point lower than the Phoenix metro area average. That alone would bolster the Scottsdale housing market. However, the relatively high property values mean much work here but live in other cities. Yet it contributes to a higher than expected rental rate in the Scottsdale housing market. Ironically, the high per capita income of 54K per person, twice the state average, drives up rents and housing prices.

Scottsdale's Tourist Market

Scottsdale is famous among locals for its Fashion Square Mall. However, you see more people coming here on vacation to enjoy the 200 local golf courses, many of which are world-class. Others come to see the Major League Baseball teams in spring training in Scottsdale. Others stay in Scottsdale while watching teams practice in nearby Mesa. All of this explains why the city has the fourth-largest number of AAA four-diamond hotels in the United States. The nature of the tourist market, though, gives you the ability to rent out properties both nightly and for weeks at a time.

The Diverse Scottsdale Rental Market

The Scottsdale housing market has a more diverse rental market than just catering to those who can’t afford to buy a single-family home. For example, the area is famous for its snowbirds, retirees who come for the winter before returning home. Some of them buy a one or two-bedroom home to live in for half the year. Others rent such properties. While many live in Sun City and other age-restricted communities, others choose to rent elsewhere in the Scottsdale real estate market.

They’ll prioritize amenities, proximity to healthcare providers, and low maintenance over cost in many cases. This population also increases the demand for RV-friendly homes and trailer parks. That provides an unusual play for those who want to profit off affordable housing in the Scottsdale housing market but don’t want to deal with Section 8 rentals.

Latest Rental Trends

As of June 22, 2022, the average rent for a 1-bedroom apartment in Scottsdale, AZ is currently $1,819. This is a 10% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Scottsdale increased by 6% to $1,714. The average rent for a 1-bedroom apartment increased by 1% to $1,819, and the average rent for a 2-bedroom apartment decreased by -8% to $2,237.

• The average rent for a 2-bedroom apartment in Scottsdale, AZ is currently $2,237, a 10% decrease compared to the previous year.
• The average rent for a 3-bedroom apartment in Scottsdale, AZ is currently $2,995, a 25% decrease compared to the previous year.
• The average rent for a 1-bedroom apartment in Scottsdale, AZ is currently $400, a 94% decrease compared to the previous year.

Arizona is landlord-friendly compared to neighboring states like Nevada and California. What makes it notable is that it is becoming more landlord-friendly. For example, the city is passing laws that make it easier for landlords to enter units to make repairs. The state is making it easier to discard abandoned personal property and limiting appeals by those going through eviction. And it was already relatively fast and easy to evict people in Arizona.

The Scottsdale real estate investment options include the short-term rental market. The city requires short-term and vacation rentals to be registered with the county. Landlords must pay the transaction privilege sales tax and transient tax. A sales tax license is required. However, that’s simply the city saying you can rent out these units if you pay the same taxes that hotels do. The rest of the city’s regulations make the Scottsdale real estate market friendly for renting out via sites like Airbnb.

They don’t limit short-term rentals to a tourist district. You can rent out both the main house and accessory dwelling unit on the same property. And state law doesn’t give cities the ability to apply new regulations that essentially ban short-term rentals. However, homeowners associations can regulate these types of properties, so do your research before you buy a Scottsdale real estate investment property assuming you can generate short-term rental income.

The Geographic Constraints

The Scottsdale real estate market is certain to experience appreciation for the same reason the local quality of life is so good – it is nearly surrounded by parks. The northern end of the city touches Tonto National Forest. The western edge borders McDowell Mountain Regional Park. Homes with views and access to the national parks command a premium. Fort McDowell is a Native American reservation likewise off-limits. Tempe, Phoenix, and Mesa are all heavily developed. The city simply doesn’t have much room to expand to meet demand. This means the newest development will require redevelopment, increasing the cost of such properties and the value of existing housing stock.

At first glance, Scottsdale seems like a home buyer’s dream. It is full of suburban neighborhoods. The median household income is more than 70,000 dollars a year, and that’s pulled down by a retiree population so large that the average age is 46. However, affordability in the Scottsdale real estate market is relative. The median wage is 73,000 but the median home price is approaching 400,000 dollars a year. This means many cannot afford to own a home though they may want to.

This drives demand for rentals in the Scottsdale housing market. It is surprisingly only a third of the residents rent, though this is somewhat higher than the 20 percent average for the area. Conversely, the high-paying jobs in the area are one reason many people move here, generating demand for rental properties by new residents.

Here are the 10 best neighborhoods in Scottsdale to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).

1. Woodland Springs / Pima Meadows
2. Scottsdale Villas / Continental Villas East
3. Hy View / Inmar Terrace
4. Arts Districts / Old Town Scottsdale
5. Papago Parkway / Polynesian Paradise
6. Casita Real / Sands East
7. Heritage East / Golden Keys
8. New Papago Parkway
9. Scottsdale House
10. Old Town Scottsdale West

The Relatively Low Tax Burden

Arizona has a surprisingly low property tax rate. It averages 0.85 percent of the property’s assessed value, while the national average hovers around 1.1 percent. Another benefit of Arizona real estate law is that the state limits the increases in the assessed value of property to 5 percent (or less) per year. This means your property taxes probably won’t rise at the same rate as the property value. That’s good since the Scottsdale housing market saw an appreciation of roughly five percent last year and is predicted to see at least 2 percent growth in 2019. Income taxes are competitive with the rest of the country and a bargain compared to tax-and-spend states like California, too.

Summary

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Scottsdale, AZ is your ability to find great real estate investments in that area. Buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

The other best place to invest in real estate is Bakersfield, CA. Bakersfield is developing and diversifying, maturing beyond the farming hinterland that led it to be written off as a California backwater. Its stabilized real estate market won’t offer skyrocketing property valuations or equally shocking rental rates, but that makes it a good choice for investors seeking solid, steady returns.

Whether seasonal workers who will never settle down or locals whose seasonal employment precludes homeownership, this has created a strong rental market. Median rents hover around 1500 dollars a month for single-family homes in the Bakersfield real estate market. When you take apartments into account, the median monthly rent is a little under a thousand dollars a month.

Another sizzling market to invest in real estate in 2019 is Honolulu, HI.  The Honolulu real estate market is dense, profitable, and unable to grow except at the margins. This will result in high returns for almost any Honolulu real estate investment property. The possibility of staying for free in a Hawaii condo or bungalow you own is just a bonus.

There is a rising demand for rental units year-over-year. The issue however is that rent prices are too high to be affordable for many renters. Housing in Honolulu is expensive, and the relatively large number of people working in low-pay retail and tourism jobs results in many who will never be able to afford to own a home or condo. Roughly sixty percent of Hawaii residents are cost-burdened renters, people who spend more than a third of their income on rent. Compounding the matter is that they’re competing with several large pools of renters who are almost immune to local economics, driving up rental rates.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill-up the form given here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.

*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Housing Market Data, Trends & Statistics
https://scottsdalerealtors.org/
https://scottsdalerealtors.org/benefits/market-data/
https://www.zillow.com/scottsdale-az/home-values
https://www.redfin.com/city/16660/AZ/Scottsdale/housing-market
https://www.neighborhoodscout.com/az/scottsdale/real-estate
https://www.realtor.com/realestateandhomes-search/Scottsdale_AZ/overview
https://www.zillow.com/phoenix-mesa-scottsdale-metro-az_r394976/home-values

Landlord friendliness
https://www.avail.co/education/laws/arizona-landlord- space here tenant-laws
https://www.mashvisor.com/blog/ more spaces here 5-most-landlord-friendly-states
https://www.american-apartment-owners-association.org/property-management/latest-news/another-state-goes-landlord-friendly

Short term rentals
https://www.scottsdaleaz.gov/codes/vacation-short-term-rentals

Quality of life
https://www.niche.com/places-to-live/scottsdale-maricopa-az

Job market
https://www.areavibes.com/scottsdale-az/employment

Snowbirds
https://www.tripsavvy.com/what-is-a-snowbird-2683049

Geographic constraints
https://en.wikipedia.org/wiki/Fort_McDowell,_Arizona

Tourist
https://imaginesports.com/news/2018-cactus-league
https://livability.com/az/scottsdale/things-to-do/8-reasons-to-move-to-scottsdale-az

Taxes
https://www.tripsavvy.com/arizona-property-tax-2682000
https://smartasset.com/taxes/arizona-property-tax-calculator

Fresno is among the nation's top housing markets to watch in 2022. In fact, the Central Valley of California has become one of the nation’s hottest housing markets this year. The median price of an existing house in May 2022 was $500,000, up 12.4% from last year. The median number of days it took to sell a home in Central Valley was just 7 days. As inventory is declining, there is more pressure for home prices to increase in the next year. Months supply of inventory is 2.1, which means it would take 8 weeks for the current inventory of homes on the market to sell given the current sales pace.

The valley encompasses all or parts of 19 California counties including Fresno. The Fresno housing market is as hot as Central Valley. The median price of an existing home in Fresno County is $420,000, which is an increase of 16.2% over last May's median price. The median days to sell a home is just 7 days. In April 2022, the median listing price of a home in Fresno County, California was $395K, an increase of 17.9% year over year (source: Realtor.com).

• The median listing price per square foot for single-family homes was $237.
• The median price of a home sold was $366K.
• Homes in Fresno County, CA sold for approximately 1.64% above the asking price on average in April.
• The trend for median days on market in Fresno County, CA has gone up since last month, and slightly up since last year.
• Fresno County consists of 48 cities.
• Shaver Lake has a median listing home price of $772K, making it the most expensive city.
• Parlier is the most affordable city, with a median listing home price of $269K.
• The median listing home price in Fresno City is $370K, trending up 16% year-over-year.
• The median home sold price in Fresno City is $332K.

Fresno Housing Market Trends 2022 (Latest)

According to the California Association of Realtors;

• Existing SFR Home Sales in May were 930, down 8.6% year-over-year.
• The year-to-date sales are down 1.7% from last year.
• The Existing SFR Median Price was $420K, up 16.4% year-over-year.
• Total Active Listings in the month were 1,183, up 40.3% change from last year.
• Median Days on Market was 7.
• The Sale-to-List Price ratio was 101.6%.
• % of Active Listings with Reduced Prices was 27.8%.
• The unsold inventory equals 2.3 months, up 35.3% YTY.

As per the real estate company named Redfin, the Fresno housing market is very competitive. In May 2022, Fresno home prices were up 16.7% compared to last year, selling for a median price of $385K. On average, homes in Fresno sell after 10 days on the market compared to 8 days last year. There were 471 homes sold in May this year, down from 498 last year.

• Many homes get multiple offers, some with waived contingencies.
• The average homes sell for about 3% above the list price and go pending in around 8 days.
• Hot homes can sell for around 7% above the list price and go pending in around 5 days.

Fresno is the county seat of California's agricultural Central Valley and has historically been one of the most affordable cities in the state. However, rents began to rise dramatically during the pandemic, increasing by 26 percent in just 12 months. Rents in Fresno remain lower than those in San Francisco or Los Angeles, at $1,141 for a one-bedroom and $1,421 for a two-bedroom.

As of June 23, 2022, the average rent for a 1-bedroom apartment in Fresno, CA is currently $1,525. This is a 33% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Fresno decreased by -16% to $925. The average rent for a 1-bedroom apartment increased by 5% to $1,525, and the average rent for a 2-bedroom apartment increased by 1% to $1,690.

• The average rent for a 2-bedroom apartment in Fresno, CA is currently $1,690, up 15% compared to the previous year.
• The average rent for a 3-bedroom apartment in Fresno, CA is currently $2,092, up 28% compared to the previous year.
• The average rent for a 4-bedroom apartment in Fresno, CA is currently $2,625, up 30% compared to the previous year.

The future of the Fresno real estate market looks bright. The economy and unemployment rates are still an area of concern, but things are improving. Back-to-back years of rising home values and sales prices should only be the start of where the market is headed in 2022.

Fresno Real Estate Market Forecast 2022-2023

According to NeighborhoodScout, Fresno real estate has appreciated by 156.09 percent over the last ten years, an average annual rate of 9.86 percent, placing Fresno in the top ten percent of all cities for real estate appreciation. Hence, if you are a home buyer or real estate investor, Fresno has unquestionably established itself as one of the best long-term real estate investments over the last decade.

In the last twelve months, Fresno's appreciation rates have remained among the highest in the country, at 23.50 percent, which is higher than the appreciation rates in 87.24 percent of the nation's cities and towns. Short-term real estate investors have found success in Fresno over the last twelve months. Fresno appreciation rates were 8.78 percent in the most recent quarter, equating to a 40.00 percent annual appreciation rate.

The typical home value in Fresno County is $390,241 on Zillow. Fresno home values have gone up 20.4% over the past year and will continue to rise over the next twelve months. Metropolitan Fresno, officially Fresno–Madera, CA CSA, is a metropolitan area in the San Joaquin Valley, in the United States, consisting of Fresno and Madera counties. It is the third-largest metropolitan region in Northern California, behind the San Francisco Bay Area and Greater Sacramento.

• The typical home value of homes in the Fresno Metro Area is $390,241.
• Fresno Metro home values have gone up 20.4% over the past year and Zillow predicts they will rise 10% by May 2023.
• The typical home value of homes in Fresno City is $374,930, up 20.6% over the past year.
• Madera County's home values have gone up 24.7% (current = $415,223) over the past year and will continue to rise in the next year.
• San Joaquin County home values have gone up 23.7% (current = $571,720) over the past year and will continue to rise in the next year.

Here is the Fresno real estate price appreciation graph by Zillow since the last decade. 

Fresno Real Estate Investment Overview 2022

Is it worth buying a house in Fresno, CA? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Fresno is a good investment? Fresno is the epitome of “the Valley”, the city that Californians like to mock as a backwater drawing a steady stream of nearly local rural girls to the theoretically more cultured, exciting, and fun cities like Los Angeles. Fresno continues to be ignored in favor of hot coastal markets like San Francisco and Los Angeles.

It is located in the San Joaquin Valley, the agricultural heart of the state. It sits at the southern end of the valley. It is sometimes called the heart of the Inland Empire. You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Fresno housing market forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Fresno we have collected ten evidence-based positive things for those who are keen to invest in Fresno real estate

Investing in Fresno real estate will fetch you good returns in the long term as the home prices in Fresno have been trending up year over year. Let’s take a look at the number of positive things going on in the Fresno real estate market which can help investors who are keen to buy an investment property in this city.

Fresno Market is Big Enough to Consider

The Fresno housing market is small by Californian standards, but it is a large real estate market in and of itself. Fresno is home to over half a million people, making it the fifth-largest city in the state and coming as the thirty-fourth largest city in the United States. However, the Fresno real estate market is larger than this. When you take the suburbs into account, the Fresno real estate market contains almost a million people.

While you may hear about all the people fleeing California for states like Colorado and Idaho for a lower cost of living, it is cities like Fresno that see growth by people who need to move for the same reasons but don’t want to leave the state. This is why Fresno has grown five percent since 2010. The Fresno suburb of Clovis is one of the fastest-growing cities in the U.S. Clovis grew roughly ten percent since 2010. This population growth will continue to fuel property appreciation in the Fresno real estate market.

Fresno Real Estate is Affordable for Investors

Affordability is relative. The median home price in Fresno County is around 385,000 dollars. That’s a lot more than the average American home value. Yet the Fresno housing market is a bargain by California’s standards. After all, you’d pay more than a million for a three-bedroom ranch home anywhere near San Francisco, and LA is hard to afford unless you put half a million into a property purchase.

Fresno Has a Relatively Diverse Economy

Fresno may be in the agricultural heartland of the state, but there is more to the local economy than farming and food processing. The city is the regional services hub, resulting in many educational and medical jobs. The IRS has a regional office located here, as well. There are also several colleges in the area, but that will be addressed later in the article. While Fresno made the news of the real estate crash around 2008, the diverse and improving job market contributed to the rebounding of the Fresno housing market.

And if they ever finish that bullet train to connect Fresno to San Francisco, expect the Fresno housing market to boom as people move somewhere they can buy a house for less than 300K while earning 100K or more in Big Tech. The multiple military bases in the area provide high-tech jobs instead.

The Sizable Student Market That Rents

California State University has a campus here. Commonly called Fresno State, it is home to more than twenty thousand students. This creates a disproportionately large student population in the Fresno housing market. However, that’s not the only college in the area. Fresno Pacific University is a private four-year school, and it has more than four thousand students. Reedly College in Reedly, California is in the suburbs of Fresno. All of this gives those considering Fresno real estate investment the opportunity to have a diverse property portfolio without tying their fates to the state of one massive school.

There are several reasons why there is an unusually large pool of renters competing to stay in your Fresno real estate investment property. The seasonal nature of the agricultural industry and the slower local economy have resulted in a 7 percent unemployment rate, several points higher than the state and national average. People who have cycled in and out of the workforce aren’t going to be able to buy a home. Those working in low-paying industries can’t afford the average home, either.

The Relative Landlord-Friendliness

California is definitely tenant-friendly, but cities can be more or less in favor of property owners. We can say that the Fresno real estate market is more friendly to landlords than somewhere like San Francisco. For example, your Fresno real estate investment property isn’t subject to rent control unless you’re running a trailer park. Nor does Fresno follow in San Fran’s habit of nearly banning new construction. It is also much easier to evict someone in Fresno who doesn’t follow the terms of the lease. Furthermore, Fresno allows you to remove tenants through no fault of their own.

The Quality of Life

Quality of life generally isn’t enough to make someone pick up and move to a new city. However, plenty of people are fleeing cities like San Francisco and L.A. because of the poor quality of life there. Why would you want to pay 3000 to 4000 a month to live in a tiny room and try to avoid poop and needles on the street just to say you work for Big Tech or, hey, aren’t I cool for living in San Francisco? Fresno’s violent crime rate is much lower than L.A.’s, too. Combine a lower cost of living with reasonable wages, cleaner air, and literally clean streets, and the slightly higher odds of having your car broken into are considered worth it.

Fresno is sometimes seen as the boring middle child in a famous family. It is overshadowed by Los Angeles, San Francisco, and San Jose. Yet it is free of their many problems, too, while remaining solid and stable. That’s why you can’t afford to ignore the Fresno area.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Fresno, CA is your ability to find great real estate investments in that area.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Purchasing an investment property requires a lot of study, planning, and budgeting. Not all deals are solid investments. We always recommend doing your own research and taking the help of a real estate investment counselor.

Another sizzling market to invest in real estate is Tulsa, Oklahoma. The Tulsa real estate market offers affordable properties, decent rental rates, strong property rights, low taxes, and a number of other benefits. You can’t afford to ignore this real estate market when searching for investment opportunities. It is attractive to many who come here to learn and work, but it isn’t growing so fast that it suffers problems from that growth. These are a few reasons why you should seriously consider the Madison area for investment. There are several opportunities to profit from short-term rentals with a Tulsa real estate investment property. One is offering short-term rentals to people relocating to the area or in the area for events like college graduations.

The other best place to invest in real estate is Madison, WI. The Madison, Wisconsin area sits in a sweet spot. It is larger than a small town and has the amenities of a big city, but it lacks the problems of some of the larger cities in the region. It is attractive to many who come here to learn and work, but it isn’t growing so fast that it suffers problems from that growth. These are a few reasons why you should seriously consider the Madison area for investment.

The demand for Madison real estate investment properties by renters are higher than you’d expect for several reasons. One is that the Madison real estate market costs more than the state average due to demand. The second is that the large population of student renters in the Madison real estate market drives up rents, forcing many renters to save up long before they can buy a home. There are also Millennials who work here after graduation but are reluctant to commit to buying a house, so they continue to rent. This is why less than 60 percent of Madison residents are homeowners.

Let us know which real estate markets you consider best for real estate investing!

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Housing Market Data, Trends & Statistics
https://www.car.org/marketdata/data/countysalesactivity
https://www.zillow.com/fresno-ca/home-values
https://www.redfin.com/city/6904/CA/Fresno/housing-market
https://www.realtor.com/realestateandhomes-search/Fresno_CA/overview
https://www.neighborhoodscout.com/ca/fresno/real-estate
https://www.zumper.com/rent-research/fresno-ca

Diverse economy
https://en.wikipedia.org/wiki/Fresno,_California
https://realestate.usnews.com/places/california/fresno/jobs
https://en.wikipedia.org/wiki/Fresno,_California#Military_units

Student market
https://en.wikipedia.org/wiki/California_State_University,_Fresno
https://www.collegesimply.com/colleges-near/california/fresno

Affordable for investors
https://realestate.usnews.com/places/california/fresno

Large pool of renters
https://realestate.usnews.com/places/california/fresno/jobs

Rapid growth
https://www.fresnobee.com/news/local/article144649154.html

Quality of life
https://www.foxnews.com/us/san-francisco-map-shows-human-poop-complaints
https://www.bestplaces.net/compare-cities/los_angeles_ca/fresno_ca/crime
https://www.movoto.com/blog/homeownership/is-fresno-a-good-place-to-live

Last year, the New Jersey housing market has been characterized by bidding wars and a scarcity of inventory. Homebuyers have been ecstatic to take advantage of historically low mortgage rates. All of these factors contributed to many homes in New Jersey selling for more than the asking price. But according to the latest market trends in the state, growing home prices and high mortgage rates continued to dampen home sales in New Jersey in May 2022. The closed sales in the state decreased by 8.7% as compared to the same month of the last year.

The year-to-date sales in New Jersey state were 28,320, down 14% from last year. New Jersey is still a seller's market. The months' supply of inventory for single-family homes has shrunk to 2.4 months, down 4 percent from last year. It refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Six months of supply has historically been associated with moderate price appreciation, while a lower level of months' supply tends to accelerate price increases. The median price of single-family homes in New Jersey is $490,000, a 12.6% gain from last year when it was $435,000.

New Jersey Housing Market Trends 2022 (Latest Data)

According to Zillow, the typical value of homes in New Jersey is $461,990 as of May 2022. This value is seasonally adjusted and only includes the middle price tier of homes. New Jersey home values have gone up 15.8% over the past year. Last year at this time, ZHVI for New Jersey was $399,000. According to Redfin, New Jersey home prices (statewide) were up 11.1% year-over-year in May 2022. At the same time, the number of homes sold fell 7.8% and the number of homes for sale fell 10.6%.

These are the latest trends in the New Jersey housing market (Source: NEW JERSEY REALTORS®)

NJ REALTORS® provides the most comprehensive data available about the New Jersey housing market. Here's the summary of the latest market data on a year-over-year basis (May 2022 vs May 2021 ).

Housing Demand

• Single Family Closed Sales were down 8.7 percent to 6,430.
• Townhouse-Condo Closed Sales were down 6.5 percent to 2,306.
• Single Family Median Sales Price increased 12.6 percent to $490,000.
• Townhouse-Condo Median Sales Price increased 9.1 percent to $349,000.
• Single Family Average Sales Price increased 12.8 percent to $621,816.
• Townhouse-Condo Average Sales Price increased 11 percent to $448,288.

Housing Supply

• Single Family New Listings were down 8.8 percent to 10,269.
• Townhouse-Condo New Listings were down 8.7 percent to 3,175.
• Months' Supply for Single Family was down 4% to 2.4 months.
• Months' Supply for Townhouse-Condo was down 17.2% to 2.4 months.

Jersey City Housing Market Trends & Forecasts

Jersey City is the second biggest city in New Jersey. The city is home to almost 300,000 people. Unlike many other “Rust Belt” cities, Jersey City is still growing. Its population grew roughly 9.4% between 2010 and 2017. This is a continuation of the city’s rebound since its 1980 low point. There really aren’t suburbs in the Jersey City housing market, just adjoining cities that are likewise in the shadow of the Big Apple.

Should you invest in the Jersey City real estate market in 2021 before it eventually becomes too expensive? Let's look at the Jersey City housing market trends which make it lucrative for real estate investors and buyers. Jersey City is raising its profile as an alternative to New York City, given its closeness to the Big Apple and more reasonable housing prices. Located just across the Hudson River from Manhattan’s West Side, Jersey City is being touted by some as the latest alternative to New York City’s sweltering real estate market.

The typical home value in Jersey City is $606,537 (ZHVI). Jersey City home values have gone up 8.3% over the past year. Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark. It is the county seat of Hudson County as well as the county's largest city. These are the latest trends in the Hudson County housing market (Source: NEW JERSEY REALTORS®).

Hudson County real estate market trends indicate an increase of $45,000 (+9.1%) in the median sales price and a +31.8% growth in home sales over the past year. The median sales price for homes in Hudson County for May 2022 was $540,000 based on 87 single-family home sales.

• New Listings of single-family homes dropped by 5.1 percent year-over-year.
• Closed Sales of single-family homes increased by 31.8 percent year-over-year.
• Days on Market Until Sale increased by 10 percent to 44 days.
• Median Sales Price rose by 9.1 percent to $540,000.
• Percent of List Price Received rose by 0.8 percent to 101.2%.
• Inventory of Homes for Sale dropped by 24.2 percent year-over-year.
• Months Supply of Inventory dropped by 19.4 percent to 2.9 months.

Jersey City Housing Market Summary

According to Neighborhoodscout, Jersey City's real estate costs are among the highest in the country, with a population of 292,449, 103,880 total housing units (homes and apartments), and a median house value of $556,051, although house prices here do not compare to those in the most expensive New Jersey communities.

Large apartment complexes or high-rise apartments are the single most common housing type in Jersey City, accounting for 50.24% of the city's housing units. Other types of housing that are prevalent in Jersey City include duplexes, homes converted to apartments or other small apartment buildings ( 35.20%), single-family detached homes ( 7.39%), and a few row houses and other attached homes ( 7.02%). Jersey City is dominated by renter-occupied one or two bedrooms apartments. 71.19% of Jersey City's dwellings are rentals.

The current trends show that Jersey City is a buyer's real estate market, which means that the supply of homes is greater than the demand for homes. To put it another way, real estate inventory is high, and there are plenty of homes for sale in this market. 

• Median List Price: $645,000, trending up 8.4 year-over-year (On Realtor.com)
• Price Per Sqft: $586
• Median Sales Price: $359,000.
• Homes in Jersey City, NJ sold for approximately the asking price on average in April 2022.
• On average, homes in Jersey City, NJ sell after 68 days on the market.
• The trend for median days on market in Jersey City, NJ has gone down since last month, and slightly down since last year.
• The Waterfront has a median listing home price of $947,000, making it the most expensive neighborhood in Jersey City.
• Journal Square is the most affordable neighborhood, with a median listing home price of $360,000.

As per the real estate company named Redfin, the Jersey City housing market is somewhat competitive. In May 2022, Jersey City home prices were up 7.5% compared to last year, selling for a median price of $630K. On average, homes in Jersey City sell after 26 days on the market compared to 43 days last year. There were 226 homes sold in May this year, up from 221 last year.

• Sale-to-List Price was 100.7%.
• 40.7% of Homes Sold Above List Price.
• 15.8% of Homes were sold with price drops.
• Some homes in Jersey City get multiple offers.
• The average homes in Jersey City sell for around the list price and go pending in around 26 days.
• Hot listings can sell for about 3% above the list price and go pending in around 11 days.

Jersey City Real Estate Market Forecast 2022

The real estate data from Zillow shows that the typical home value in Jersey City is $606,537. From 2019 to 2020, home prices were up by about 7.2%. From 2020 to 2021, home prices were up by about 5.2%. Jersey City home values have gone up 8.3% over the past twelve months and will continue to rise in 2022. The supply is not very tight but with all the other factors considered, at this time, it is unlikely that the Jersey City housing market will see a price decline in 2022.

• The typical home value of homes in New York-Newark-Jersey City Metro is $609,114.
• New York-Newark-Jersey City metro home values have gone up 13% over the past year.
• The New York-Newark-Jersey City metro housing market forecast ending with May 2033 is positive.
• Zillow predicts that New York-Newark-Jersey City metro home values may grow by 6% by May 2023.
• If this forecast is correct, New York-Newark-Jersey City metro home prices will be higher in the 3rd Quarter of 2023 than they were in the 3rd Quarter of 2022.
• The typical home value of homes in Jersey City is $606,537, up 8.3% over the past year.
• The typical home value of homes in Newark is $408,152, up 15.1% over the past year.
• Hudson County's home values have gone up 8.9% (current = $577,120).

Jersey City Real Estate Investment Overview 2022

Neighborhoodscout's data shows Jersey City has had some of the highest home appreciation rates of any community in the country over the last decade. Jersey City real estate has appreciated by 119.82 percent over the last decade, equivalent to an average annual appreciation rate of 8.19 percent, placing Jersey City in the top ten percent of all cities nationally in terms of real estate appreciation. If you are a home buyer or an investor, Jersey City has unquestionably been one of the best long-term real estate investments in the country over the last decade.

Jersey City's appreciation rates have lagged behind the rest of the country over the last year. Jersey City's appreciation rate over the last twelve months has been 14.70 percent. From the most recent quarter, house appreciation rates in Jersey City were 5.62 percent, equating to a 24.44 percent annual appreciation rate. Notably, Jersey City's latest quarter appreciation rate was one of the lowest in the United States.

10 Highest Appreciating Jersey City Neighborhoods Since 2000: By Neigborhoodscout.com

1. Downtown Northwest
2. Bates
3. Harsimus Cove West
4. Powerhouse
5. Hamilton Park
6. Harsimus Cove
7. Magnolia Ave / Baldwin Ave
8. Hamilton Park East
9. Marion
10. Downtown

We’re not going to cite waterfront views, vibrant nightlife, or “it’s hip” as reasons to buy Jersey City investment properties for cash flow. Instead, we’re going to focus on serious reasons an investor may want to buy property here, whether to rent out or renovate and sell. Here are some of the reasons to invest in the Jersey City real estate market.

The Disproportionate Student Market Affects Rental Demand

A large student population creates a large pool of renters that are relatively insensitive to rent increases. The Jersey City real estate market contains two such pools. One consists of local students attending schools like Saint Peter’s University and New Jersey City University. The New Jersey City University opened a new facility on the waterfront in 2015 intended to train the next generation of financial traders. St. Peter’s is a Jesuit college with more than three thousand students. The other pool consists of all the students who want to go to school in NYC but can’t afford to live there or don’t want to be crammed four to a bedroom. This explains why Rutgers University offers MBA classes at a satellite campus in Jersey City.

About 70% of housing units are renter-occupied households. As of July 05, 2022, the average rent for a 1-bedroom apartment in Jersey City, NJ is currently $3,314. This is a 77% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Jersey City decreased by -3% to $2,585. The average rent for a 1-bedroom apartment increased by 5% to $3,314, and the average rent for a 2-bedroom apartment increased by 17% to $3,990.

• The average rent for a 2-bedroom apartment in Jersey City, NJ is currently $3,990, an 81% increase compared to the previous year.
• The average rent for a 3-bedroom apartment in Jersey City, NJ is currently $2,600, a 24% increase compared to the previous year.
• The average rent for a 4-bedroom apartment in Jersey City, NJ is currently $2,999, a 35% increase compared to the previous year.

Jersey City Tolerates AirBnB

Real estate investors want to know that they have a variety of ways to monetize a property. The Jersey City housing market has a major advantage in this regard over New York City – it has formally embraced AirBnB while NYC is actively hostile to it. Yet the proximity of many neighborhoods to NYC makes it popular with home-sharing sites like Airbnb.

Hotel taxes are due on these rentals. Compare this to NYC that heavily fines people who rent out a room, even if it is necessary to make the rent. Jersey City takes things one step further and is setting up a “Friendly Building Program”, where developers build entire buildings where renting through AirBnB is allowed. This is an innovative development in the Jersey City housing market.

It Is a Cheap Suburb of New York City

Jersey City has established itself as the go-to for people fleeing New York City. Its growth can be attributed to an influx of highly educated millennials. There are jokes that the apartment is perfect except for the fact it is in New Jersey, and if you’re going to live in New York City, you want to live in New York City. However, given that NYC is one of the most expensive real estate markets on the planet, the coveted title of “New York Resident” is a luxury many working in NYC cannot afford.

This is why Jersey City is considered part of the New York Metro area. And the insane prices of New York real estate are driving many to live here instead. Jersey City is home to the Port of New York and New Jersey. That is a high-paying employer in its own right. However, it creates many transportations, distribution, and manufacturing jobs in the area. This proximity to major markets and ready access to the rest of the East Coast explains why companies like Goya have built facilities here. Jersey City’s unemployment rate is consistently half a point below the New Jersey state average and two to three points below that of Newark.

The Growth of Wall Street West Improves the Local Economy, Too

Wall Street in New York has paid many people incredibly high wages, but businesses don’t want to pay NYC’s insane rental rates for office space. This has led Jersey City to host many businesses that choose to remain close to New York but work in cheaper environs. Thirteen million square feet of office space in Jersey City, New Jersey is utilized by what is called Wall Street West. This industry provides more than a third of the private-sector jobs in the city. Most are in the securities industry while a fifth are in banking and nearly 10% are in insurance. The growth of Wall Street West will fuel demand for both office space and the luxury Jersey City housing market.

There are people concerned that Jersey City is so desirable and seeing so many new residents move in that Jersey City could turn into another Brooklyn, another expensive NYC neighborhood. Between demand by Wall Street West and New York residents who love rent half as high as NYC, the median apartment and condo rate is going up. Downtown Jersey City saw property valuations go up roughly 10% in 2018. The upscale end of the Jersey City real estate market is skyrocketing, pulling up average property values and rents in the area, too.

Jersey City has been renewing itself. Jersey City has been busy redeveloping old neighborhoods, encouraging a mix of new retail, luxury housing, and affordable housing. Jersey City is notable for the major redevelopment on the waterfront, known as the Shore, while properties there enjoy a great view of Manhattan. A number of old industrial facilities are being converted to lofts or simply torn down and replaced, while the city government puts in new parks and offers lower sales tax rates for retailers in areas it wants to blossom. An investor in the New Jersey housing market can look up where these areas are, buy older properties, renovate them and then rent them out or sell them.

New Jersey Is (Relatively) More Landlord Friendly

We’re back to comparing New Jersey to New York, this time in terms of landlord friendliness. New Jersey allows landlords to file for evictions when a tenant is only a few days late on rent. Compare that to the long, arduous process of eviction in New York and especially NYC. However, you cannot simply evict someone because their lease is over.  You cannot collect late fees or attorney’s fees from eviction unless the proper clauses are written into the lease at the very start.

Landlords have to keep receipts of the rent payments, must follow strict legal disclosures like those related to lead paint, and you have to pay interest on deposits. This makes renting to tenants in the Jersey City real estate market relatively easier but not as easy as in more landlord-friendly states. Cities like Los Angeles, Seattle, and New York attract young adults. The high price of real estate drives those who want to have families to the suburbs or cheaper areas like the Jersey City housing market. New Jersey has an added point in its factor to NYC refugees – better schools.

The Jersey City real estate market is bolstered by much higher high school graduation rates and college attendance rates for the average student; that parents don’t have to pay for private school tuition on top of insane rents is another point reason to move. That attracts families to the area who stay here for years, and it increases the odds their own children stay. This explains why the median age of Jersey City residents is around 33 versus the state average of 39-40. That demographic momentum will sustain values in the Jersey City real estate market for years to come.

Summary

The Jersey City real estate market is seeing significant growth because it is close to New York City but isn’t NYC. It has a number of points in its favor, too, like a good job market and local amenities. Renters and buyers alike are taking notice and helping to make Jersey City the fastest-growing metropolitan area in the state. Apart from the Jersey City real estate market, you can also invest in Columbus, Ohio. The Columbus Ohio real estate market is a bright spot in a declining region.

It mixes smart redevelopment, quality of life, and growth to create a stable, slow-growing market that will be thriving well into the foreseeable future. There are many neighborhoods to consider for buying properties in Columbus. Properties in Worthington and downtown Columbus have higher than average median home prices, and their relatively low crime rates add additional appeal. Places like Victorian Village, where home prices remain higher than many other places in the city, support a strong local market, and they can signify a lower level of risk.

Another market that we suggest is the housing market in Colorado Springs, CO. The Colorado Springs real estate market contains several large populations of renters, many practical reasons for people to move here from the surrounding area and across the country, and long-term factors that will drive growth for years to come. Forget the Mile High City and invest in the Colorado Springs real estate market. The Colorado Springs real estate market is notable for how affordable it is compared to many other cities in the Rockies.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you can fill up the form given here. One of our investment specialists will get in touch with you. Norada Real Estate Investments helps take the guesswork out of real estate investing. We can help you succeed by minimizing risk and maximizing the profitability of your real estate investments.

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Market Trends and Forecasts
https://www.njrealtor.com/research/10k/
http://njar-public.stats.10kresearch.com/reports
https://www.zillow.com/jerseycity-nj/home-values
https://www.neighborhoodscout.com/nj/jersey-city/real-estate
https://www.redfin.com/city/9168/NJ/Jersey-City/housing-market                 
https://www.realtor.com/local/Jersey-City_NJ
https://www.zumper.com/rent-research/jersey-city-nj

Airbnb
https://ny.curbed.com/2017/5/25/15692798/airbnb-jersey-city-urby-ironstate-development https://newyork.cbslocal.com/2015/10/12/jersey-city-airbnb-deal

Redevelopment
https://jerseydigs.com/redevelopment-agency-buying-97-monitor-street-jersey-city/
https://jerseydigs.com/jersey-city-purchase-bayfront-site-170-million-route-440/

More Landlord Friendly
https://focusedlaw.com/four-new-jersey-eviction-laws-you-should-know-as-a-landlord
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters
https://www.avail.co/education/laws/new-jersey-landlord-tenant-law

Metro for NYC
http://worldpopulationreview.com/us-cities/jersey-city-population/